How to create budgets and how does budgeting work in QuickBooks

How to create budgets and how does budgeting work in QuickBooks

Budgets in QuickBooks

The QuickBooks Budgets helps you to see how well your company is performing and compare your actual revenues and expenses to your company’s budgeted amounts. In QuickBooks Online you can create a budget by Class, Location or Customer, but not by two or all three. You can create a budget in QBO by only one category per budget.

Note : The ability to work with budgets is only available in QuickBooks Online  Plus. If you need any support contact our QuickBooks Online Support team.

Create a subdivided budget:

  • Select the Gear icon > Budgeting.
  • Click Add Budget on the top-right corner.
  • Enter the required information:

                Budget Name

                Budget Fiscal Year

                Interval: Monthly, Quarterly, or Annual

                Pre-Fill Data

                Subdivide by, select:

  • Click Next.
  • Select the category
  • Enter the budget amounts.  Click Save at the lower right.
  • Enter budget amounts for all subdivided categories
  • Click Save and close

Remember in QuickBooks Online you can create budgets only one year at a time. It also does not have the capability to do budget forecasting.

How to copy an existing budget:

  • Select the Gear icon > Budgeting
  • Locate the budget to copy
  • From the drop down menu on the right select copy
  • Enter a new budget name and the fiscal year
  • Click Create Budget
  • Update the budget amounts
  • Click Save and close

How to access or edit existing budgets:

  • Select the Gear icon > Budgeting.
  • Now all budgets will display
  • Each budget select the drop down arrow on the right side:

              Edit

             Copy

             Delete

             Run Budget Overview report

             Run Budget Vs. Actual report

Hope this will be helpful for you. If you also want to learn more about budget and how does budgeting work, get in touch with our well qualified and experienced accounting experts by our QuickBooks Support Phone Number “+1 855 441 4417” team.



Leave a Reply